Today’s Prep:
How you feel about things has a big impact on your financial decisions. We talk through several areas where understanding your feelings can help you determine what’s best for your financial plan.
Equipping Points:
Like it or not, we all feel strongly about money. How you feel about it plays into what decisions you make with it. Understanding how you view money and how you make your decisions helps as you put together a plan. You want to know what’s really important to you and how your plan fits with that.
Let’s start with your home. How do you feel about it? Does it have the right space and layout to fit your needs? Are you wanting to stay there in retirement or are you hoping to move? All of these feelings about your home then impact your financial decision surrounding it.
How do you feel about leaving behind some money as a financial legacy? Eric feels that most people want to leave something for their kids if they can. If you’re going to leave something behind, the next question is, what’s the most efficient way to do that? The SECURE Act changed how that money gets passed down and potentially creates a more taxable event for your heirs. You may want to consider other ways to pass that money on through something like doing a Roth IRA.
Do you feel comfortable carrying debt or do you feel like getting rid of it? Does it cause you too much stress to have it? Going into retirement, you may feel like you need to handle your debt better, which may mean changes to your financial plan. Feel stressed about market volatility? Having a properly set up retirement plan allows you to worry less about the ups and downs of the market and understand how much you need on the day-to-day.
How are you feeling today? Reach out to a financial advisor to help you navigate your financial feelings and make a plan that works well for you and your situation.
Listen to the entire episode or skip ahead using the timestamps below.
0:46 – We all feel strongly about money.
3:00 – How do you feel about where you live?
5:09 – Do you want to leave a financial legacy?
7:18 – Do you feel like getting rid of debt?
Today’s Takeaway:
“Understanding how you view money and how you make your decisions, that always helps because when we put together a plan, then we need to find out what’s really important to you about how this plan works.”
-Eric Peterson
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Do You Have These Blind Spots In Your Retirement Plan?
Many people can have a couple of “blind spots” so to speak when it comes to their retirement plans. Do you worry you may not be accounting for everything you might need for your retirement? Then today’s episode is perfect for you!
Read MoreInside Out: How We Can Look at Finances Through the Characters of Pixar’s Latest Flick
There can be a lot of emotions when it comes to investing and planning for retirement. And what better way to discuss those emotions than through the characters of Pixar’s latest film, Inside Out 2?
Read MoreThe Importance of Preventative Care
Preventative care isn’t just for your health; it’s essential for your financial well-being too. By consulting a financial advisor early and often, you can avoid financial distress and make informed decisions that lead to a secure and fulfilling retirement. Many people will put it off for fear they will be told something they don’t want to hear or because of the perceived costs of financial advisors.
Read MoreRetirement Income
When planning for retirement, one of the most critical aspects to consider is your income. But what does this mean, and how can you ensure you have enough income to cover your needs and desires?
Read MoreFinancial Wisdom from Mark Twain
In the latest episode of the Retirement Ready Podcast, Eric invites us to explore the timeless wisdom of Mark Twain and how it applies to modern financial planning. Mark Twain, known for his wit and keen observations, offers quotes that are surprisingly relevant to today’s financial landscape. Eric takes these quotes and translates them into practical advice for those planning their retirement.
Read MoreUnderstanding Bonds in Today’s Market
Are bonds really the safe investment we’ve always been told they are? What percentage of assets should a retiree or pre-retiree hold in bonds? In today’s episode, Eric addresses some of his most frequently asked questions about the world of bonds…
Read MoreUnderstanding Your Financial Statements
Financial statements can often feel like a foreign language, filled with jargon and numbers that seem to have little relevance to your everyday life. However, understanding these documents is crucial for effective retirement planning. In the latest episode of the Retirement Ready Podcast, Eric breaks down the essentials of reading and interpreting your financial statements.
Read MoreFrom Graduation to Retirement
This one goes to the grads! Whether you know someone graduating high school, college, or even preschool, graduation marks a new stage and season in life. Similarly, retirement is a new chapter in life. It’s a time of change, celebration, and sometimes, uncertainty. On today’s show, we talk through the similarities between leaving school and entering retirement.
Read More